Quote:
Originally Posted by lewdog
Like most, the standard 2.5-3% raise yearly is what my company does for hourly or salaried employees. Salaried employees get 6 more PTO days per year than hourly employees and I think that's fair as I always work 40+ hours per week on salary.
Luckily there are a few of us that get monthly incentive bonuses and can really focus on the main issues of our job and make some decent extra monthly cashflow. Last year my incentive earned me 5% extra on my yearly base salary but if I was able to max it monthly it would be over 9% of my base.
I'm a big believer in incentivizing certain employees to allow them to boost their pay over the basic yearly raise. If their performance is boosting the bottom line, let them have a small slice of those gains. I re-worked a few employees incentive plans and I think they appreciate that chance to fairly earn more.
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My company does something similar... earlier in my career, the company I worked for handed out a pretty big range for annual raises and if you were a top performer (and put in a ton of hours), you'd most likely get compensated for it. Later on, another company I worked for had a very standard 3% and it maybe maxed out at like 4.5% if you were a top performer. I currently get the standard ~3%, but they also have a mid year process for top performers and any title changes, which can get you close to 10% combined for the year.
It's not a written goal/metric that you work towards or even guaranteed, but far better for top performers than just the basic 3% annually.